Artoss, Inc., a Foley, Minnesota-based bone biologic company, raised an additional funding from AngelMD’s Catalyst I LP.
The amount of the deal was not disclosed. In conjunction with the funding, Charlie Emley, Managing Partner of the Catalyst I Fund, will initially join the Artoss Board of Directors as a Board Observer.
Led by James Cassidy, PhD, Co-Founder, Artoss focuses on improving bone grafting technology through a combination of nanotechnology and biology, focused on NanoBiology. The NanoBone technology from the company aims to improve existing processes by using nanocrystals of hydroxyapatite (the chief structural element of naturally-occurring bone) that are suspended in a silica gel matrix. These crystals closely mimic the hydroxyapatite found in human bone and their smaller size leads to higher rates of acceptance, and better end results for the patient.
NanoBone has proven to be clinically effective in Europe, where the company has operated for over ten years. Artoss is now bringing the full line of NanoBone products to the United States, after being granted FDA 510(k) approval. Further, Artoss’s products have recently been approved for purchase by the United States Department of Defense, under a Defense Acquisition Purchasing Agreement with the Prime Vendor, Owens & Minor.
Most recently, the company announced its NanoBone QD Bone Graft product, allowing for quick delivery of the NanoBone SBX Putty via an applicator that facilitates controlled and precise use in a cost-effective system.